The tagline everyone was using was “Free Agency Frenzy.” And based on the scene at Newport Sports Management, Inc., the behaviour sure looked wild. Teams were literally lined up outside agent Pat Morris’s Mississauga office from the moment the clock struck noon ET on July 1, waiting to make a pitch for free-agent centre Brad Richards, the only marquee name available this off-season.

It was not exactly must-see TV. If anything, it was must-laugh TV, especially when management from the Los Angeles Kings wandered around for a few head-scratching minutes trying to find an open door.

Certainly, it was an appropriate start to what turned out to be a very absurd day.

The Philadelphia Flyers signed NHL and KHL veteran Jaromir Jagr to a one-year deal worth US$3.3-million; the Colorado Avalanche sent a first- and second-round draft pick to the Washington Capitals in exchange for third-string goaltender Semyon Varlamov; Ville Leino, who has never scored 20 goals in a season, received US$4.5-million from the Buffalo Sabres for each of the next six years.

In total, more than 50 names were signed to deals involving more than US$216-million. Few were what you would consider impact players, although Jagr will no doubt impact the culture of the Flyers dressing room, much to HBO’s delight when it comes time to filming the new 24/7: Road to the Winter Classic series.

Perhaps that is why Toronto Maple Leafs general manager Brian Burke was off visiting the Canadian troops in Kandahar. He probably felt it was safer to be in a war zone on a day when GMs tend to lose their collective heads overpaying for talent.

That was the prognosis in Florida, where GM Dale Tallon basically bought himself a new team on Friday. How good that team will be this season is up for debate. While the Flyers and the Sabres were spending money in hopes of improving, the Panthers were spending money because they … well, because they had to.

It was no secret that the team, which had taken on the nickname “Floor-ida,” had entered free agency well below the salary-cap floor. It was also no secret that the team would be losing money if it spent to that minimum.

The result? Eight players have been acquired in the last week for a combined cap hit of about US$28.5-million. But none might be what you would consider a legitimate top-six forward, top-two defenceman or starting goaltender.

Ed Jovanovski, a Panthers first-overall pick in 1994, received a four-year deal worth US$16.5-million that expires when he is 39. Tomas Fleischmann, who missed 37 games with a blood clot, is now the Panthers’ highest-paid forward; Scottie Upshall and Tomas Kopecky, who combined for 37 goals last season, now earn a combined US$6.5-million.

All in all, Florida may actually be worse today than it was at the end of the season. But that stuff is secondary.

What matters now is that the Panthers are only about US$8-million away from the cap floor, a number that could easily be reached by re-signing a few restricted free agents to more exorbitant deals.

In the past, it was the rich teams that were driving up the prices. Now, because so many teams need to reach the minimum mandated by the collective bargaining agreement, it is the opposite.

The Columbus Blue Jackets signed defenceman James Wisniewski to a six-year deal worth US$33-million, while the Phoenix Coyotes signed fourth-line forward Raffi Torres to a two-year, US$3.5-million deal.

In doing so, both teams solved a short-term problem. But in the long run, they will probably end up hemorrhaging more money.

It does not make much sense. But then again, this is life under the CBA, where teams are encouraged to spend money even if they are bleeding at the box office. In Major League Baseball, the Kansas City Royals rank 27th in average attendance. But it is less a problem because they only spend US$35.7-million on player salaries.

The Panthers ranked 22nd in attendance last season. But here they are being forced to spend US$48.3-million.

Who knows, they might be one of the teams lining up for Brad Richards right now.

Almost Done!

Postmedia wants to improve your reading experience as well as share the best deals and promotions from our advertisers with you. The information below will be used to optimize the content and make ads across the network more relevant to you. You can always change the information you share with us by editing your profile.

By clicking "Create Account", I hearby grant permission to Postmedia to use my account information to create my account.

I also accept and agree to be bound by Postmedia's Terms and Conditions with respect to my use of the Site and I have read and understand Postmedia's Privacy Statement. I consent to the collection, use, maintenance, and disclosure of my information in accordance with the Postmedia's Privacy Policy.

Postmedia wants to improve your reading experience as well as share the best deals and promotions from our advertisers with you. The information below will be used to optimize the content and make ads across the network more relevant to you. You can always change the information you share with us by editing your profile.

By clicking "Create Account", I hearby grant permission to Postmedia to use my account information to create my account.

I also accept and agree to be bound by Postmedia's Terms and Conditions with respect to my use of the Site and I have read and understand Postmedia's Privacy Statement. I consent to the collection, use, maintenance, and disclosure of my information in accordance with the Postmedia's Privacy Policy.